Spanish infrastructure group Abertis, which owns Cardiff Airport, is undertaking a review of its infrastructure assets which could result in the sale of its airport interests.

Abertis, whose portfolio of airports – both owned and operated – extends to 29 globally, has appointed Citi and AZ Capital. to carry out a review of its transport division – including consideration of a sale or part sale of its airport portfolio. Its airports have been valued at around £900m.

Abertis said: “A sale of the division is a possibility. All options are open.”

The Welsh Government is currently undertaking a due diligence process with a view to acquiring Cardiff Airport – with the aim of a deal being concluded next month before the end of its current financial year.

The due diligence team includes personnel from the Cardiff offices of law firm Eversheds and professional advisory firm KPMG.

It is understood that the agreed sale price is around £50m.

However, if a deal cannot be concluded Abertis could put Cardiff Airport up for sale along with its other airports – where in the UK it also operates Luton under a long-term concession agreement with the local authority and owns Belfast.

If the Welsh Government can conclude a deal with the Spanish listed company, it would put out to tender a contract for a company to run the airport.

This could see the operator taking a minority stake in a public-private partnership ownership arrangement with the Welsh Government.

Cardiff Airport first moved into the private sector when it was acquired by TBI from the local authorities of West, Mid and South Glamorgan in 1995 for £37.65m.

TBI sold Cardiff, along with the other airports owned and managed in its portfolio – including Belfast and Luton – in a deal worth just over £750m with Abertis in 2004.

Some £553m was in cash, with the rest being debt taken on by the Spanish firm.

As well as its airport interests other assets in Abertis’ portfolio include telecommunications, car parks and motorways.

However, while its interests are global it has been hit by the economic malaise in Spain, where it has experienced a fall in revenues from its toll roads.